Key benchmark indices bounced back from the day's low and were trading near flat line in early afternoon trade. At 12:18 IST, the barometer index, the S&P BSE Sensex, was up 17.40 points or 0.05% at 31,788.29. The Nifty 50 index was up 8.05 points or 0.08% at 9,905.35.
The Sensex and the Nifty, both, reversed trend in mid-morning trade after hitting their highest levels in more than one week in morning trade. The Sensex rose 166.62 points, or 0.52% at the day's high of 31,937.51 in morning trade, its highest level since 9 August 2017. The index fell 56.79 points, or 0.18% at the day's low of 31714.10 in early afternoon trade. The Nifty rose 50.50 points, or 0.51% at the day's high of 9,947.80 in morning trade, its highest level since 9 August 2017. The index fell 12.80 points, or 0.13% at the day's low of 9,884.50 in early afternoon trade.
Among secondary barometers, the BSE Mid-Cap index was up 0.08%. The BSE Small-Cap index was up 0.66%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,385 shares rose and 971 shares fell. A total of 102 shares were unchanged.
Axis Bank was up 0.02% at Rs 499.20. The bank announced during trading hours today, 17 August 2017, that it retained the marginal cost of funds based lending rate (MCLR) at the same levels across tenors. The 1 year MCLR stands unchanged at 8.25%.
IT shares were mixed. Hexaware Technologies (up 3.93%), Tech Mahindra (up 1.28%), MindTree (up 0.92%) and MphasiS (up 0.65%), edged higher. HCL Technologies (down 0.23%), Wipro (down 0.62%), TCS (down 0.95%) and Oracle Financial Services Software (down 0.98%), edged lower.
IT major Infosys rose 2.88% to Rs 1,004.95 after the company announced that its board of directors will consider a proposal for buyback of equity shares at a meeting scheduled on 19 August 2017. The announcement was made after market hours yesterday, 16 August 2017.
Majesco rose 2.04% to Rs 364.60 after the company's US subsidiary announced that the tier one customer expanded its strategic partnership with the company. The announcement was made after market hours yesterday, 16 August 2017.
Majesco, USA, the insurance arm and a subsidiary of Majesco announced that the tier one customer expanded its strategic partnership with Majesco to provide additional services including development, testing and business analysis for their multi-year modernization program. The agreement significantly expands the role of Majesco for tier one insurer's modernization program.
Realty shares were mixed. Indiabulls Real Estate (up 2.26%), D B Realty (up 0.81%), Oberoi Realty (up 0.69%), Godrej Properties (up 0.53%), Phoenix Mills (up 0.40%), Peninsula Land (up 0.27%), Mahindra Lifespace Developers (up 0.24%) and DLF (up 0.22%), edged higher. Omaxe (down 0.12%), Anant Raj (down 0.27%), Prestige Estates Projects (down 0.41%), Sobha (down 0.72%), Sunteck Realty (down 1.01%), Housing Development and Infrastructure (HDIL) (down 1.04%), Unitech (down 2.98%) and Parsvnath Developers (down 3.22%), edged lower.
Overseas, most Asian markets edged higher after a rally in the dollar was halted on political turbulence while investors digested the release of the Federal Reserve's minutes.
Japan's Nikkei 225 settled lower by 0.13%. Japanese exports rose 13.4% in July from a year ago, helped by exports of cars and automotive components. It was the eighth straight monthly gain in exports, data from Japan's Ministry of Finance showed today, 17 August 2017.
In US, shares closed slightly higher on Wednesday, 16 August 2017, but backlash from the business community against President Donald Trump kept gains in check. The S&P 500 gained 0.14% to close at 2,468.11. The Dow Jones industrial average closed 0.12% higher at 22,024.87. The Nasdaq composite advanced 0.19% to 6,345.11.
US President Donald Trump unexpectedly said on Wednesday, 16 August 2017, he was disbanding two advisory councils comprising prominent business executives. The move came after several members of Trump's Strategic and Policy Forum and Manufacturing Jobs Initiative councils stepped down following the president's Tuesday press conference in which the president blamed "both sides" for violence at a white nationalist rally in Virginia.
Minutes from the Federal Open Market Committee's July meeting released on Wednesday, 16 August 2017, also supported the move lower in the greenback. While some Fed members said they were worried over the tightening labor market, others voiced their concern over low inflation rates in the US. The minutes also showed the central bank was prepared to trim its massive balance sheet, although the announcement of a start date was left for an upcoming meeting.
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